Suncorp New Zealand talks to Wellington businesses about the impact of human capital on success

31 August 2017

Suncorp New Zealand has shared the results of its Risk to Reward research with the Wellington business community at a breakfast event this morning.

The research explores what is important to New Zealand businesses, what might be holding them back and how they feel about risk.

“Risk is a big part of our business at Suncorp, and many businesses – especially insurance companies – think of it as something to avoid, or manage,” said Jimmy Higgins, Executive General Manager Claims at Suncorp.

“But our research shows that successful people view risk as an opportunity, and most businesses know that the path to success usually involves a certain level of risk.”

Human capital is a key driver for growth

From Risk to Reward revealed that five out of the top seven factors in business growth and success relate to people.

For Wellington businesses, the most important factors are better leadership skills and professional development, business coaching and connecting to the right people.

“We were struck by how strongly people featured in the responses we received when we looked at business success factors,” said Mr Higgins. “This is about finding the right people, and ensuring that they have the skills they need to make a difference in what they do every day.

At the event, Suncorp was joined by panellist Dave Jones, who shared the Wellington Regional Council Economic Development Agency’s (WREDA) story of driving success through accessing human capital.

Earlier in 2017, WREDA ran the very successful LookSee Wellington campaign to select 100 of the brightest tech talents around the world and bring them to Wellington for a week of job interviews. Over 48,000 international applicants applied for the chance to interview with some of the capital’s most innovative tech companies. 

What did we learn about Wellington?

  • More Wellington businesses have insurance policies in place to mitigate risk than other main centres (76%)
  • 70% of Wellington businesses think that work life balance is as important as growth.
  • Wellington businesses have big plans for the future, with the smallest percentage of respondents believing that Kiwi companies lack ambition (12%).
  • Wellington businesses are less adventurous when seeking alternative risk minimization strategies (eg finding new ways to grow, testing different scenarios and expanding to different locations).
  • Only 39% of Wellington businesses were confident in making risk decisions.

 

Read the full report

 

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About Suncorp New Zealand

Suncorp New Zealand is a leading general and life insurance provider. Our intermediated brands are Vero Insurance and Asteron Life.

Our direct brands are AA Life – a joint venture partnership between Suncorp Group New Zealand and the New Zealand Automobile Association (AA), and AA Insurance – a joint venture partnership between Vero Insurance and the AA.

Suncorp New Zealand is part of Suncorp Group, a leading general insurance, banking, life insurance and superannuation business with brands in Australia and New Zealand. Suncorp Group has relationships with around nine million customers. Suncorp Group is a Top 20 ASX-listed company with A$96 billion in assets.

Risk to Reward